Preserving Your Wealth, New York Estate Planning Tips

There are a number of ways to preserve your wealth in New York State.

In the event that you are unable to make financial, health or business decisions for yourself, there are steps you can take to ensure that your wishes are fulfilled and your finances are protected.

This article will look at what you need to do to protect your finances ie POA requirements in New Yorklegal documents you will need and more.

Estate Planning Checklist: Tips for Estate Planning in New York City

Estate planning is something everyone should do. Whether you have a lot of assets, investments and savings to protect, or you just want to secure a financial future for your loved ones, estate planning means taking steps that will save you unnecessary delays if you are ever unable to make financial decisions.

Below are some legal documents that can help you secure your financial future and secure your assets.

Lasting power of attorney

In New York, a durable power of attorney it is created to give another person authority over certain decisions in an individual’s life. The principal (the person who created the document) assigns an agent (the person with the POA) whom they trust to carry out their wishes if they no longer can.

There are a number of different types of POAs in the US, but a durable power of attorney remains in place until the principal passes or the POA is revoked. This can allow the agent to make decisions based on everything from financial decisions to business matters.

A POA can provide financial management and continuity in the event that you are incapacitated. It can cover you in advanced age, due to declining health or if you are about to undergo a medical procedure. You can also use a durable POA if you are often out of the country or deployed for military service.

A durable POA should be someone you trust to carry out your wishes and make sure your bills are paid, financial decisions are made and there are no arguments from family and friends about how your funds should be managed.

Medical representative and living will

HAS medical representative or a medical POA is someone who assumes authority over your medical decisions if you are unable to do so. As with other types of POA, their specific authority is clearly set out in the legal document and can be revoked if you are able to do so at any time.

Appointing a health care proxy means that if you are incapacitated or lack the mental capacity to make medical decisions, someone else can follow your wishes. This may include life-sustaining care, end-of-life care, organ donation, and other treatments.

A medical POA or health proxy is especially useful to avoid family disputes over your care. Once they determine what you want, you can be sure that your wishes will be met.

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In addition to the medical POA / health care proxy, there is also living will. A living will is only used if you are considered terminally ill or at the end of your life and cannot dictate your wishes.

HAS A living will is a legal document which lists any medical treatments you would like to use to keep you alive. In addition, it can guide other medical decisions such as organ donation and pain management.

Living wills and health proxies sound very similar, but they work in very different ways. You may want to seek the advice that works best for you and your situation before creating one or both.

Last will or trust

Your last will and testament sets out what you want done with your property, finances and other things when you die. He can provide incredibly specific guidance on everything from your business assets to the real estate you own. It’s the best way to ensure your finances are protected in the event of your death and can give you peace of mind that your loved ones will be taken care of.

You may also come across the term “trust” in estate planning, and as a last will and testament, a trust can also secure your wealth.

A trust is a legal entity that is created by individuals who are referred to as grantors. It assigns assets to trustees named in the trust document to manage the specified assets and ensure that they are received by the beneficiaries.

Unlike a will, a trust is activated the moment you create it, but it does not go through the probate process and is not subject to public record. However, they only deal with property and possessions.

Depending on your assets and wealth, you may find that a will or trust is more suitable for you. The best person to advise you is a solicitor or your financial manager. They can help you write and implement what you choose to preserve your wealth in New York.

Final thoughts

In New York, you have many ways to preserve and secure your wealth. There are many documents, including powers of attorney, wills and trusts, that you can create to ensure that your wealth is protected after you pass or become incapacitated.

We offer a brief overview of each of these documents to help you better understand the estate planning process. For more detailed information, please speak to your solicitor for individual advice.

Author Bio

Susan Noel is an experienced content writer. She is associated with many reputed business and legal blogs as a guest author where she shares her valuable articles with the audience.

Photo credit: HWM.

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